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Nasdaq:
RFMI
RF
Monolithics, Inc. (RFM) designs, develops, manufactures and markets a broad
range of radio frequency component and module products in two areas: communications
products, which include frequency control modules and filters; and low-power
products, which include low-power components and Virtual Wire Short-range
Radio products
RF
MONOLITHICS REPORTS SECOND QUARTER RESULTS
Year-over-Year
Sales Increase 16% With 40% Gross Profit
Margin
DALLAS, TEXAS, (March 20,
2008) RF Monolithics, Inc. [NASDAQ:RFMI] today reported sales for
the second quarter ended February 29, 2008 of $14.3 million, up 16% from the
$12.3 million reported in the second quarter of the prior year. The Company reported a net loss, calculated
in accordance with generally accepted accounting principles ("GAAP"), of
$102,000 or $0.01 per diluted share compared to a GAAP net loss of $4.0 million
or $0.44 per diluted share for the second quarter of the prior year. The
prior year's second quarter included $2.4 million in one-time, non cash asset
impairment costs related to the Company's initiative to transfer its fabrication
operations offshore. The Company
reported a non-GAAP net income, which excludes intangible acquisition expenses,
restructuring expenses, and stock compensation expense, of $344,000 or $0.03 per
diluted share for the second quarter 2008.
The Company's sales during the first six months of fiscal
2008 were $30.5 million, compared to $28.2 million for the prior year's first
six months. For the six months ended February 29, 2008,
GAAP net income was $11,000 or $0.00 per diluted share compared to GAAP net loss
of $4.3 million or $0.48 per diluted share for the same period of the prior
year. Non-GAAP net income was $1.0
million or $0.10 per diluted share.
President and CEO David M. Kirk, commented, "We reported
a strong second quarter. Our sales
growth was on target with an increase of 16% over last year's second
quarter. Gross profit margin at 40% was
an improvement comparatively and sequentially to prior quarters, as
expected. This margin improvement
reflects costs benefits of transitioning manufacturing offshore and a 50/50
product mix of our wireless solution and wireless component products. Our non-GAAP EPS was within guidance for the
quarter at $0.03 per diluted share.
"Since announcing our strategy and performance goals for
fiscal year 2008 a year ago, we have made sustained improvement toward those
goals. Our sales growth has been on
track, we continue to move toward our desired product mix and our gross profit
margins have improved 1,000 basis points from 30% to 40%. In short, we have executed our strategic
business plan to transform the Company to become a major player in the M2M
marketplace while maintaining our position as a leading component supplier.
RF
MONOLITHICS REPORTS FIRST QUARTER FINANCIAL RESULTS
Exceeds
Guidance with a Quarterly Profit and Record Quarterly Sales
DALLAS,
TEXAS, (December 20, 2007) RF Monolithics, Inc. [NASDAQ: RFMI] today reported
sales for the first quarter ended November 30, 2007, of $ 16.2 million
compared to sales of $15.8 million for the first quarter of the prior year.
The Company reported net income, calculated in accordance with generally
accepted accounting principles ("GAAP"), of $113,000 or $0.01 per diluted
share compared to a GAAP net loss of $335,000 or $0.04 per diluted share
for the prior year's first quarter. Non-GAAP net income for the quarter,
which excludes intangible acquisition expenses and stock compensation expense,
was $683,000 or $0.07 per diluted share compared to a non-GAAP net income
of $452,000 or $0.05 per diluted share for the prior year's first quarter.
David
M. Kirk, President and CEO of RF Monolithics, Inc., commented, "We reported
a strong quarter today which was the result of our effective performance
of two of our strategic initiatives. The first was the continued
success of our wireless solutions business in the expanding machine-to-machine,
or M2M, markets-wireless solutions represented $7.4 million of sales for
the quarter. The second was the completion of transitioning our manufacturing
operations offshore. This initiative was undertaken to reduce
costs to allow our wireless components products to remain competitive in
the marketplace. In addition to these strategic initiatives, our
filter sales were particularly high this quarter due to rising sales for
automotive satellite radio and telecom applications.
"The
result was a quarter with the highest quarterly sales in our history, our
highest gross profit margin in almost ten years, and a quarterly profit;
all of which exceeded guidance. We remain confident of our long-range
business strategy and believe this quarter is confirmation of our ability
to transform the Company and capitalize on emerging opportunities in the
wireless solutions markets as well as sustaining our position as a major
component supplier.
"We
expect second quarter sales to increase 15-23% over last year's second
quarter sales of $12.3 million. This would represent a decline from first
quarter's record sales, and is due to normal seasonality in our component
sales, particularly filters. Wireless Solutions sales will increase both
in amount and in proportion to the components business, due primarily to
applications such as facilities and energy management. We are starting
to see opportunities that combine RFM and its subsidiaries' solutions to
meet a single customer's requirements.
"With
the completion of our transition to offshore manufacturing and improvement
in product mix, we expect our second quarter margins to increase 300 to
500 basis points to the 40% to 42% range. Items that are excluded
from our calculation of non-GAAP income, which consist of stock compensation,
intangible acquisition and restructuring expenses and the gain on equipment
sales, are expected to result in a somewhat lower adjustment to GAAP income
than the first quarter's items, as stock compensation may be less and we
expect more gains on equipment sales. On a non-GAAP basis,
we expect to report a profit of $0.02 to $0.07 EPS.
"We
are slightly ahead of pace toward our targeted fiscal year 2008 sales guidance
of $60 million, which we provided last February. The product mix
between our Wireless Solutions and Wireless Components in fiscal year 2008
may be more equal than we had estimated as a result of our ability to maintain
market-share in components and a slightly slower acceptance of wireless
solutions applications. Our gross profit margin and earnings are
also ramping toward our 2008 targets."
Quarter
Highlights:
Sales
for the quarter were a record $16.2 million, up almost 10% over the previous
quarter and up nearly 3% from last year's first quarter. Wireless
Solutions products contributed $7.4 million of sales this quarter.
Our
gross profit margin of 37.1%, the strongest reported by the Company in
almost ten years, is in line with targeted margin improvement in our business
model.
We
completed transition to offshore manufacturing with the closing of our
wafer fabrication operations and going forward we should see the full impact
of expected cost savings.
The
Company continues the expansion of its portfolio of wireless solutions
products with the introduction of version 6.2 of Aleier FM1j CMMS software;
the Cirronet ZMN2405HP single chip Zigbee OEM modules; and the RFM
TRC103 a single chip RFIC transceiver and the 3rd generation Virtual Wire
radio products.
Aleier,
Inc. was selected by the City of Goodyear, a rapidly growing suburb of
Phoenix, Arizona, to implement its single enterprise asset management (EAM)
and computerized maintenance management system (CMMS) to meet the expanding
needs of the city. Subsequent to the end of our quarter end Aleier
also announced its selection as the CMMS of choice for two additional institutions
of higher learning. Aleier CMMS software has proven to be a very
effective choice for asset management for campus-based institutions.
We
expanded sales coverage with the addition in Asia of distributors Nu Horizon
Electronics Corp. and WesTech Electronics Inc; and the addition in China
of stocking manufacturer's representative Dalian Xin Kai Digital.
We
completed all obligations relating to the Cirronet acquisition including
payment of the stockholders notes and earn-outs. Our earn-out obligation
relating to the Aleier acquisition will be determined as of December 31,
2007.
RF
MONOLITHICS REPORTS THIRD QUARTER RESULTS
Improved
Sales and Gross Profit Margin
DALLAS,
TEXAS, (June 21, 2007) RF Monolithics, Inc. ("RFM" or the "Company") [NASDAQ:RFMI]
today reported sales for its third quarter ended May 31, 2007 of $13.4
million, compared to sales of $14.7 million in the third quarter of the
prior fiscal year. The Company reported a net loss, calculated in
accordance with generally accepted accounting principles ("GAAP"), of $1.4
million or $0.15 per diluted share compared to a GAAP net income of $413,000
or $0.05 per diluted share for the third quarter of the prior year.
The Company also reported a non-GAAP net loss, which excludes intangible
acquisition expenses, restructuring related severance charges, and stock
compensation expense, of $657,000, or $0.07 per share, for the third quarter
2007.
The
Company's sales during the first nine months of fiscal 2007 were $41.6
million, compared to $39.7 million for the prior year. For
the nine months ended May 31, 2007, GAAP net loss was $5.7 million or $0.64
per diluted share compared to GAAP net income of $504,000 or $0.06 per
diluted share for the same period of the prior year. Non-GAAP net
loss was $1.2 million or $0.14 per share compared to Non-GAAP net income
of $1.0 million or $0.12 per diluted share for the same period of the prior
year.
President
and CEO David M. Kirk commented, "Our third quarter performance was on
target to our guidance. Sales at $13.4 million represented a sequential
growth rate of over eight percent. Gross profit margin at 33 percent
increased 250 basis points over the previous quarter's non-GAAP gross profit
margin. Our non-GAAP net loss was $0.07 per share. Our GAAP net loss
was somewhat better than our guidance due to recognition of lower-than-expected
restructuring charges during the quarter.
"As
we head into the final quarter of our 2007 fiscal year, we also remain
on target with our strategic plan to transition the Company from primarily
a component supplier to a provider of total wireless solutions. We
continue to develop relationships that strengthen our position in the M2M
and wireless solutions marketplaces. Our transition to a fabless
business model is on schedule and is expected to have a significant cost
savings impact in fiscal 2008. We continue to evaluate and realign
support resources to reduce overhead and focus resources on our wireless
solutions initiatives.
"Consistent
with guidance provided last quarter and based on continued momentum in
our business, sequential sales growth of approximately 5 percent is expected
in our fourth quarter fiscal 2007. We expect our gross profit margin
to continue to improve and the cost savings generated by our restructuring
plan to result in a decrease of GAAP net loss to approximately $0.10 to
$0.15 per share and non-GAAP loss to be in the range of breakeven to $0.05
for our fourth quarter. This will result in fiscal year 2007 sales
in the range of $55 million to $56 million, with a GAAP loss per share
in the range of $0.74 to $0.79 and non-GAAP loss per share in the range
of $0.14 to $0.19.
"We
have laid a solid foundation for improving our business and are confident
of achieving the fiscal year 2008 goals we outlined last quarter including
approximately $60 million in sales, with some aggressive improvements in
gross profit margin and earnings. The industrial segment of the M2M
market continues to gain momentum with applications like our recently announced
program with Cooper Bussmann to enable smart services for fuse monitoring
that minimize facility downtime. The list of opportunities of enabling
connections and communication from machine to machine, and the benefits
that can be derived from such collaboration are nearly unlimited."
Quarter
Highlights:
Sequential
sales increased 8.6%.
Sequential
sales of our wireless components were up 12.5% on strength of filter sales
into the China telecom market.
Gross
profit margin improved 450 basis points from prior year and 250 basis points
from second quarter non-GAAP gross profit margin.
Positive
Book-to-Bill with a particularly strong ratio for the Wireless Solutions
Group.
Inventory
was reduced $1.4 million from the previous quarter as planned.
Cash
position improved slightly, $2.2 million availability on bank credit line
and reported positive operating cash flow of approximately $400,000.
On
track with transition to fabless business model.
Announced
we are providing the M2M enabling technology for Cooper Bussmann's InVisionT
Downtime Reduction System.
RF
MONOLITHICS REPORTS FOURTH QUARTER AND FISCAL YEAR 2006 RESULTS
Reports
Profitable Year and 17% Year-over-Year Sales Growth
DALLAS,
TEXAS, (October 12, 2006) RF Monolithics, Inc. [NASDAQ:RFMI] today reported
sales for the fourth quarter ended August 31, 2006, were $14.5 million
compared with sales of $11.5 million in the fourth quarter of the prior
year and sales of $14.7 million reported for the third quarter of fiscal
year 2006. Sales for the year ended August 31, 2006, were $54.2 million
compared with sales of $46.2 million for the year ended August 31, 2005.
Net
income for the fourth quarter ended August 31, 2006, was $77,000, or income
of $0.01 per diluted share, compared to a net loss of $202,000, or $0.03
per diluted share, for the fourth quarter of the prior year. Net
income for the year ended August 31, 2006, was $581,000 or $0.07 per diluted
share, compared to the net income of $484,000 million or $0.06 per diluted
share for the prior year.
David
M. Kirk, President and CEO of RF Monolithics, Inc., commented, "We reported
strong performance this year with near record annual sales and an increase
of 17% over the prior year. Sales into the satellite radio application
were the growth driver for this annual increase. Our cost reduction
initiatives throughout the year enabled us to maintain our gross margins
in some very competitive markets and to report a profitable year.
We ended the year with a very strong balance sheet that allowed us to acquire
businesses with portfolios of wireless modules, box products and asset
management software platforms and services.
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